‘‘(1) IN
GENERAL.—Not later than 6 months after the date of enactment of
the Presidential $1 Coin Act of 2005, the Secretary shall
commence striking and issuing for sale such number of
$50
gold bullion and proof coins as the Secretary may determine to
be appropriate, in such quantities, as the Secretary, in
the Secretary’s discretion, may prescribe.

‘‘(2) INITIAL
DESIGN.—

‘‘(A) IN
GENERAL.—Except as provided under subparagraph

(B), the obverse
and reverse of the gold bullion

coins struck
under this subsection during the first year

of issuance
shall bear the original designs by James Earle Fraser, which
appear on the 5-cent coin commonly referred to as the
‘Buffalo nickel’ or the ‘1913 Type 1’.

‘‘(B)
VARIATIONS.—The coins referred to in subparagraph

(A) shall—

‘‘(i) have
inscriptions of the weight of the coin

and the nominal
denomination of the coin incused in

that portion of
the design on the reverse of the coin

commonly known
as the ‘grassy mound’; and

‘‘(ii) bear such
other inscriptions as the Secretary

determines to be
appropriate.

‘‘(3) SUBSEQUENT
DESIGNS.—After the 1-year period described to in
paragraph (2), the Secretary may—

‘‘(A) after
consulting with the Commission of Fine Arts, and subject to
the review of the Citizens Coinage Advisory